Required information The following information applies to the questions displayed below. A manufactured product has the following information for June Standard Actual 44,300 lbs. $8.10 per lb. (6 lbs. $8 per lb.) 2 hrs. $12 hr.) Direct materials Direct labor Overhead Units manufactured verne brhra: $12 prr$181,0r.517.6 pr r 2 per hr.) $181,800 7,300 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ Actual Quantity SQ Standard Quantity AP-Actual Price SP -Standard Price Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable AQ = Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ SP